By Rachel Ehrenfeld
Reports today indicate the Chinese government is not interested in investigating allegations that the Bank of China was involved in transferring millions of dollars to Hamas and Islamic Jihad for carrying out terrorist activities in Israel between 2004 and 2007.
China passed anti-money laundering laws in 2007, following pressure from the U.S. government when Banco Delta Asia of Macau's money laundering activities on behalf of North Korea became public.
Both Macau and Hong Kong have been known as well oiled money laundering machines for criminals and terrorists alike. The U.S. case, which identified BOC as a major facilitator of funds flowing to the outlawed Hamas, is unlikely to change the time tested Chinese money Laundromat.
Yet, considering the restive Muslim population the Chinese are struggling to contain, the government would be wise to fully investigate the money transfers to Hamas. The Muslim Brothers are operating everywhere, including in China, taking advantage of China's opaque banking system. The more leeway they get, the stronger and entrenched they get.
If the Chinese are serious about nothing else but fighting the growth of radical Islam in China, they should cooperate and stop the Brothers from using Chinese banks to fund terrorism.
Reports today indicate the Chinese government is not interested in investigating allegations that the Bank of China was involved in transferring millions of dollars to Hamas and Islamic Jihad for carrying out terrorist activities in Israel between 2004 and 2007.
China passed anti-money laundering laws in 2007, following pressure from the U.S. government when Banco Delta Asia of Macau's money laundering activities on behalf of North Korea became public.
Both Macau and Hong Kong have been known as well oiled money laundering machines for criminals and terrorists alike. The U.S. case, which identified BOC as a major facilitator of funds flowing to the outlawed Hamas, is unlikely to change the time tested Chinese money Laundromat.
Yet, considering the restive Muslim population the Chinese are struggling to contain, the government would be wise to fully investigate the money transfers to Hamas. The Muslim Brothers are operating everywhere, including in China, taking advantage of China's opaque banking system. The more leeway they get, the stronger and entrenched they get.
If the Chinese are serious about nothing else but fighting the growth of radical Islam in China, they should cooperate and stop the Brothers from using Chinese banks to fund terrorism.
Source: The Terror Finance Blog
Posts
